U.S. fourth-quarter growth raised to 2.6 percent

U.S. economic growth was a bit faster than previously estimated in the fourth quarter, displaying underlying strength that could bolster views that the slowdown in activity early in the year would be temporary. Gross domestic product expanded at a 2.6 percent annual rate, the Commerce Department said on Thursday, up from the 2.4 percent pace it reported last month. The revision reflected a stronger pace of consumer spending than previously estimated. Economists polled by Reuters had expected fourth-quarter GDP growth would be raised to a 2.7 percent rate.

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